Britain's poorest families are set to be £745 a year worse off thanks to brutal Tory policies since 2015, experts revealed today.

In contrast, the richest third of families are forecast to pocket an average gain of £140 a year, according to the Resolution Foundation think tank.

Projected real household incomes are a staggering £1,400 a year lower than forecast in March 2016, three months before the Brexit referendum.

Foundation director Torsten Bell said: “The end of the tunnel is still a decade away, and significant obstacles remain before the final destination is reached.”

A separate analysis by the Institute for Fiscal Studies suggested tax rises worth at least £30billion a year will be needed if the Government is to protect public spending and balance the books by the middle of the next decade.

Official forecasts revealed in Chancellor Philip Hammond’s Spring Statement said growth would average 1.4% a year, with a slightly better performance in 2018 matched by weaker predictions for 2021 and 2022, with growth expectations slashed by 0.1 points to 1.4% and 1.5% respectively.

Projected real household incomes are a staggering £1,400 a year lower than forecast (Image: Getty)

Just to avoid spending falling as a fraction of national income beyond 2019-20, Mr Hammond would need to find an additional £14billion a year compared with current plans by 2022-23, the IFS said.

However, if the Chancellor wants to eliminate the deficit by the mid-2020s he would need to an extra £18billion through tax hikes or spending cuts.

“Put these two together and on current forecasts just keeping spending constant as a fraction of national income beyond 2019-20 and reaching budget balance by the mid-2020s would require tax rises of £30billion a year,” said think tank chief Paul Johnson said.

“And that’s before additional demographic pressures which could add another £11billion a year to the money the Government would need to find from somewhere in 2025 if it wants to cover the additional demands for health, pension and social care spending.”

Mr Johnson highlighted eight years of Tory austerity as he outlined the analysts’ response to the Chancellor’s statement.